Market Overview

US Will Increase Tariffs On China If Trade Deal Falls Through: Trump

Share:
US Will Increase Tariffs On China If Trade Deal Falls Through: Trump

The U.S. could increase its tariff restrictions on imports from China if the first phase of their trade deal falls apart, President Donald Trump said in a speech at the Economic Club of New York on Tuesday.

What Happened

“If we don’t make a deal, we’re going to substantially raise those tariffs,” Trump said during the speech, according to Bloomberg. “They’re going to be raised very substantially. And that’s going to be true for other countries that mistreat us too.”

Trump added that the first agreement could be signed very soon, as the Beijing government is “dying” to make a deal.

Trade must be fair and reciprocal, Trump said. “America will not be taken advantage of anymore.”

“No one has cheated better than China,” Trump said, adding that the U.S. leaders must be blamed for letting China take advantage of them. “We should’ve been doing what they were doing.”

Trump also blasted at the Federal Reserve for being too conservative in cutting back the interest rates. Noting the rise in stock markets during his presidency, Trump said that the markets could have “added another 25%,” at least if the central bank had been more cooperative with him.

Price Action

S&P 500 (INDEXSP: .INX) closed 0.16% higher at $3,091.94 on Tuesday after Trump’s speech.

Nasdaq Composite (INDEXNASDAQ: .IXIC) was up 0.26% at $8,486.09 on the day’s close.

The NYSE Composite (INDEXNYSEGIS: NYA) was down 0.0037% at 13,387.62

Posted-In: Bloomberg China Donald TrumpGovernment News Regulations Economics Media Best of Benzinga

 

Related Articles

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Tesla's Chinese Competitor Raises $400M

Tesla To Open A Gigafactory In Berlin